DUBLIN, Ireland—Presbia PLC (NASDAQ: LENS) announced that its wholly-owned subsidiary, Presbia Ireland, Ltd. recently completed the purchase of the assets of Switzerland-based Neoptics AG, including its intellectual property portfolio for an aggregate purchase price of $1.5 million. The assets being acquired include patents, pending patents, specified trademarks, equipment, inventory, technical documents and other related documents, Presbia said in its quarterly earnings statement for the period ended June 30, 2016.

Todd Cooper, president and CEO of Presbia said, “The acquisition of Neoptics’ assets, including its patent portfolio, consolidates the principal intellectual property (‘IP’) and ‘know-how’ underpinning the use of an optically powered micro-lens for the correction of presbyopia (near-vision loss), a condition affecting 1.8 billion people globally. This consolidation of IP and know-how from Presbia and Neoptics has also created a patent protected platform to deploy our ‘micro-lens’ technology into solutions for vision problems beyond presbyopia, significantly expanding our addressable market into the future.”

Presbia is an ophthalmic device company that has developed and is currently marketing the presbyopia-correcting Presbia Flexivue Microlens, a miniature lens that is implanted in a corneal pocket created by a femtosecond laser. The Presbia Flexivue Microlens has received a CE mark for the European Economic Area, allowing the lens to be marketed in over 30 countries across Europe. A staged pivotal U.S. clinical trial for the Presbia Flexivue Microlens began in 2014.